Bitcoin Price Prediction – A Return to $40,000 Would Bring $45,000 into View

After Monday’s breakout session that fizzled out late in the day, Bitcoin and the broader market had a mixed session this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 0.53%to $37,468.8.

A mixed start to the day saw Bitcoin rise to an early morning high $37,525.0 before hitting reverse

Falling well short of the first major resistance level at $40,166, Bitcoin fell back to an early morning low $36,418.0.

Steering clear of the first major support level at $34,804, however, Bitcoin found early support to return to $37,000 levels.

BTCUSD 270721 Hourly Chart

The Rest of the Pack

It has been another mixed morning for the broader crypto market.

At the time of writing, Crypto.com Coin was down by 2.09% to lead the way down.

Litecoin (-0.75%) and Polkadot (-1.16%) also bucked the trend early on.

It has been a bullish morning for the rest of the majors, however.

Through the morning, Chainlink was up by 3.00% to lead the way once more.

Binance Coin (+1.39%), Cardano’s ADA (+0.76%), Ethereum (+0.52%), and Ripple’s XRP (+1.34%) also found morning support.

Bitcoin Cash SV was flat for the morning, however.

Through the early hours, the crypto total market rose to an early morning high $1,465bn before falling to a low $1,417bn. At the time of writing, the total market cap stood at $1,464bn.

Bitcoin’s dominance fell to an early low 48.03% before rising to a high 48.43%. At the time of writing, Bitcoin’s dominance stood at 48.05%.

For the Afternoon Ahead

Bitcoin would need to move through the $37,699 pivot to bring the first major resistance level at $40,166 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s $40,595.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $43,061. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.

Failure to move through the $37,699 pivot would bring the first major support level at $34,804 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels, however. The second major support level sits at $32,337.

Looking beyond the support and resistance levels, we saw the 50 EMA flatten on the 100 and 200 EMAs this morning. This led to the relatively range-bound session, with Bitcoin failing to break back through to $40,000 levels.

We saw the 100 EMA pull away from the 200 EMA, however, providing support to Bitcoin and the crypto bulls.

A further narrowing of the 50 on 100 and 200 EMAs this afternoon would bring sub-$36,000 levels into play.

Key going into the afternoon will be for Bitcoin to break through to $37,699 pivot to bring resistance levels into play.

Following late Monday’s reversal, Bitcoin would need to avoid sub-$35,000 levels else face a sharp pullback.

Bitcoin Pulls Back As Traders Take Profits After Rally

Resistance At $40,000 Stays Strong

Bitcoin failed to settle above the resistance at $40,000 and pulled back towards $37,000 as traders took some profits off the table after a major rally which took the world’s leading cryptocurrency from $30,000 to $40,000 in just six trading sessions.

Other cryptocurrencies are also moving lower after major upside moves. Ethereum is currently trying to settle below $2,000 while Dogecoin is testing the support level at $0.20.

At this point, it looks that the short squeeze is over, and Bitcoin will need additional upside catalysts to settle above the key resistance at $40,000. While the recent upside move was spectacular, Bitcoin will need to settle above the resistance at $40,000 to have a chance to develop sustainable upside momentum.

Technical Analysis

bitcoin july 27 2021

Bitcoin faced significant resistance near $40,000 and pulled back below $38,000. The nearest support level for Bitcoin is located at $36,000. In case Bitcoin manages to settle below this level, it will head towards the next support level near the 20 EMA at $35,000. RSI is in the moderate territory, and there is plenty of room to gain downside momentum after the major upside move.

In case Bitcoin declines below $35,000, it will head towards the next support at $34,000. A successful test of this level will open the way to the test of the support at $32,000.

On the upside, Bitcoin needs to settle back above $38,000 to have a chance to get to the test of the major resistance level at $40,000. If Bitcoin gets above this level, it will head towards the highs of the previous upside move at $41,300.

From a big picture point of view, Bitcoin continues to trade in a wide trading range between the support at $30,000 and the resistance at $40,000. Both levels look strong, and Bitcoin will need additional catalysts to gain momentum and get out of this trading range.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Fork Explained

Since the Beginning

In response to the global financial crisis of 2008, Satoshi Nakamoto ventured into the unknown and delivered the global financial markets with Bitcoin and blockchain tech.

Bitcoin’s creator set on a path to bring to end the control that central banks held over the global financial markets.

The concept and ideology of blockchain and ultimately Bitcoin was to allow the community to advance the technology on a united front in a bid to bring down central banks and the world’s largest financial institutions.

Things have not turned out, perhaps, how Satoshi had intended.

Miners vs Developers

In order to police and keep Bitcoin and the blockchain world moving forward, Bitcoin and the crypto community, not only needed developers, but also miners to verify transactions on the Bitcoin network and other crypto networks.

In contrast to Satoshi’s ambition to decentralize, miners and developers, have on occasion, fallen into disagreement over blockchain enhancements and/or developments.

For Bitcoin, minors had cornered the market with mining farms, leaving want-to-be minors out in the cold. This also meant that the income stream was just too large to give up control. Decentralized became centralized in a matter of years.

As a result, the Bitcoin community and the crypto community became divided between those in search of crypto income and the ideologists looking to continue to prize control from governments, central banks, and the world’s largest financial institutions.

This divergence in view and intent ultimately led to the splitting of crypto communities. The crypto technical term for this being a “Fork.”

The Fork

In the crypto sphere, there are two types of forks that investors need to be concerned with. The first and generally of little impact to value and the broader market are soft forks.

In the event of a soft fork, only one blockchain remains valid, with users adopting the changes made to the blockchain.

By contrast, hard forks can have a material impact on price in the lead up and immediate aftermath of a fork.

In a hard fork event, both blockchains coexist. The coexistence occurs from nodes continuing to support the original blockchain.

In some instances, therefore, both blockchains can coexist and remain prominent in the crypto market place. This is when there is sufficient support for both the old and the new versions.

In some cases, however, nodes may eventually shift to the new version, leaving the old blockchain obsolete.

From an investor perspective, an important feature of a hard fork is that holders of the original crypto are awarded the new coins upon completion of the hard fork.

In the case of a successful hard fork, where both chains coexist, the value of the coins can increase substantially.

For this reason, anticipation and an eventual hard fork can have a material impact on price and crypto market volatility.

Since Bitcoin’s creation, the total number of cryptos in the market place have surged to a whopping 11,064 based on numbers from CoinMarketCap.

Notably, in spite of numerous soft and hard forks, Bitcoin (“BTC”) continues to be the dominant crypto.

The 2017 Convergence

Back in late 2017, we did see Bitcoin’s dominance converge with the likes of Ethereum. This coincided with Bitcoin’s first major hard fork, which resulted in the creation of Bitcoin Cash (“BCH”).

While Bitcoin Cash (“BCH”) enjoyed a lengthy period in the top 10 by market cap, a Bitcoin Cash hard fork in late 2018 led to the creation of Bitcoin Cash ABC and Bitcoin Cash SV.

The Bitcoin community have not been alone in dealing with hard forks.

Ethereum hard forked, leading to the creation of Ethereum Classic. In this case, Ethereum Classic maintained the old blockchain history. We also saw Litecoin hard fork, leading to the creation of Litecoin Cash.

In spite of disagreements between respective developers and the communities, however, Bitcoin, Ethereum, and Litecoin have all remained the dominant chain.

Lessons Learned

Major disagreements between developers and communities can lead to significant disruption. More importantly, market stability also comes into question.

Since the headline grabbing hard forks of Bitcoin, Ethereum, and Litecoin, the number of notable hard forks have fallen.

Developers and nodes working together to achieve Satoshi’s ambition of toppling central banks is now a more plausible outcome. Infighting had led to significant disruption and ultimately a marked decline in value.

Stability across the major crypto blockchains have supported the increased adoption. The increased adoption contributed to Bitcoin’s surge to an all-time high $64,829.0, struck in April 2021.

While volatility across the market place will unlikely abate anytime soon. The absence of hard forks and infighting, however, would serve the crypto community and investors well in the short to medium term.

Bitcoin Rejected at $40,000 Amid a Dwindling Bull Run

  • Bitcoin has seen meteoric growth in the past 24 hours as fueled by news from Amazon.
  • Despite the uptrend which stirred a growth of up to 15% in the latest run, the market bears rejected a push-up beyond the $40,000 resistance point.
  • Ethereum is also seeing a rejuvenation as it looks to breach the $2,500 price level.

Unique fundamentals unraveled in the past days have stirred a rejuvenation in the cryptocurrency industry. For a market that has been begging for a bullish awakening in months, the 8.65% in the global crypto market cap to $1.53 Trillion is perhaps enough to suggest a major rally may be brewing. This, however, is dependent on how Bitcoin and Ethereum can sustain their current growth trends.

Bitcoin Sees Impressive Price Growth and a Simultaneous Rejection

The premier cryptocurrency is currently changing hands at $38,282.8, up 9.84% according to data from CEX.IO the price feed. The news that Amazon is looking to hire a crypto expert to help chart its pursuit of accepting Bitcoin payments can be tipped as a major cause for this recent growth.

With the institutional backing which has seen the likes of Tesla, MicroStrategy, and recently SpaceX places a Bitcoin holding on their balance sheets set to be complemented with the Amazon push, market bulls went on an unbridled accumulation, pushing the price to a weekly and monthly high of $39,280.42.

The uptrend as seen on the BTC/USD 4h chart is attaining the peak at the current price level, suggesting a bear action that is repressing the price growth from crossing the $40,000. The RSI and MACD indicators are still showing positive signs of growth, and while we may see a little retracement, crossing the $40,000 resistance point remains the short-term target for investors.

Ethereum Maintaining a Steady Growth

At a current price of $2352.31 and a growth rate of 8.01% in the past 24 hours, Ethereum’s uptrend correlation with BTC was reiterated. However, unlike Bitcoin which has started seeing a gradual bear action, Ethereum bulls are pushing the coin to a new price point, such as has never be seen in the past month.

With prices trading above the short-term Moving Average, a sustained buyup can push Ethereum to the $2,500 to $3,000 price level in the coming weeks.

Today’s Market Wrap Up and a Glimpse Into Tuesday

Stocks started off the week strong, with all three of the major indices finishing at all-time highs. The gains are an extension of last week’s rally and demonstrate a vote of confidence among investors in corporate America’s earnings results. While the Dow Jones Industrial Average, S&P 500 and Nasdaq were up just fractionally, it was enough to send them all into record territory.

In the cryptocurrency markets, the bitcoin price crossed the USD 40,000 level for the first time in over a month, but the gains slowly faded away. Reports previously suggested that Amazon.com was on the brink of accepting bitcoin payments this year. The e-commerce giant, however, reportedly quashed those rumors despite maintaining that it is looking into crypto.

Stocks to Watch

Tesla’s highly anticipated Q2 earnings are out, and Elon Musk didn’t disappoint. The EV maker surpassed Wall Street estimates on earnings and revenue as Tesla continues to hit on all cylinders. Net income crossed over into the billion-dollar territory, which was a first for the company, while revenue came in at USD 11.9 billion vs. estimates of USD 11.3 billion.

Tesla, which delivered more than 200K vehicles in Q2, said it’s on track to produce its Model Y vehicles in Berlin and Austin, Texas this year. The Cybertruck will also be produced in Austin, Texas “subsequent to Model Y.”

Tesla’s stock is inching higher in extended-hours trading after gaining 2% in the regular session. Tesla also noted it “recorded a bitcoin-related impairment of USD 23 million.” The bitcoin price nosedived 40% in the second quarter of 2021.

F5 Networks is rallying in after-hours trading, with shares up more than 5%. Investors rewarded the technology company for its fiscal Q3 results, which came in better than Wall Street expected.

Cryptocurrency exchange Coinbase saw shares fall close to 2% in extended hours, perhaps in sympathy with bitcoin after the air was let out of the Amazon-fueled rally.

Look Ahead

Major technology companies are queued to report earnings on Tuesday, including Apple, Google parent Alphabet and Microsoft. Snap and Twitter’s quarterly results last week revealed a strong online advertising market that is likely to have benefited Alphabet as well.

On the economic front, Durable Good Orders for the month of June come out at 10 a.m. ET on Tuesday. Wells Fargo economists predict that this indicator increased 2.3% last month fueled in part by orders for Boeing aircraft.

Bitcoin Bulls Take Out Crystal Ball as Price Barrels Toward USD 40K

All is well in crypto land. The bitcoin price is barreling toward USD 40K once again. Meme coin favorite Dogecoin is trading above the psychologically important USD 0.20 level. Ethereum is comfortably above USD 2K. And several major catalysts are in the pipeline, not the least of which Tesla potentially accepting BTC payments once again and e-commerce giant Amazon eyeing bitcoin for payments. Now that the bulls have wrestled back control, market leaders are getting out their crystal balls.

Bitcoin Bull

Bobby Lee, co-founder of China-based cryptocurrency exchange BTCC and CEO of crypto wallet Ballet, is among the biggest bitcoin bulls out there. Lee revealed to Fortune his short-term and long-term bitcoin price predictions.  Lee says he feels “confident” the bitcoin price will cross USD 65K and then continue to rally to beyond USD 250K by year-end 2021.

Lee, who is also the brother of Litecoin founder Charlie Lee, doesn’t believe the bulls will stay in control forever. Next year, he is anticipating a “bear market cycle” in which the bitcoin price will see its value slashed by between 50% and 80% from its peak. The bulls will return, however, every several years.

Lee’s medium-term prediction in which he looks out to 2024-2025 is for the bitcoin price to “cross half a million dollars and might even touch USD 1 million.” From there, he has no problem seeing BTC trading above USD 1 million-2 million in the next 10-15 years.

Short-Term View

In the short term, it appears to be only a matter of time before the bitcoin price is perched above USD 40K once again. Twitter account Stocktwits comprising investors and traders has polled its followers about whether the bitcoin price will cross USD 40K before the end of today. So far, out of nearly 1,400 votes, 57% of respondents are feeling bullish, while the rest are not banking on it.

Source: Twitter

Meanwhile, Galaxy Digital’s head of firmwide research, Alex Thorn, warns that “short term traders should remain cautious” until either the bitcoin price is steadily above USD 40K, or the 200-day moving average is reclaimed. Investors who are stacking sats, however, might want to keep doing what they’re doing.

As the bitcoin price goes higher, the leading cryptocurrency is getting more popular with Americans. According to a recent Gallup poll, 6% of Americans own bitcoin compared to 2% three years ago. Bitcoin ownership among Americans under the age of 50 hovers at 13% vs. 3% of Baby Boomers.

Bitcoin Adoption In Botswana

Although Botswana citizens are finding it easier to transact Bitcoin with the establishment of Satoshicentre set up by Alakanani Itireleng, a foremost Bitcoin dealer, and a Bitcoin ATM set up in Gaborone, Botswana capital by Express Minds Ltd.

Botswana’s small population has several bitcoin enthusiasts; however, its citizens have to go through hard times to get their wallets funded for Bitcoin transactions chiefly because there are no local cryptocurrency exchanges where crypto enthusiasts can trade Pula (Botswana’s fiat currency) for Bitcoin.

Additionally, the lack of cryptocurrency regulation by the Botswana government and its unwillingness to adopt Bitcoin and other cryptocurrencies makes Bitcoin trading in Botswana challenging.

Is Bitcoin Trading In Botswana Illegal?

Bitcoin is not outlawed in Botswana. However, there are no regulations for cryptocurrency dealings. Based on this, the governor of the Bank of Botswana was quoted as saying ‘…it is impossible to transfer Pula into Bitcoin…

The declarations of the Botswana Bank’s governor makes it impossible for cryptocurrency exchange platforms to set up a base in Botswana knowing that Banks in Botswana will not provide intermediary financial services for the Botswana populace and cryptocurrency exchanges.

Hence, if you have to transact using Bitcoin, you will have to source Bitcoin via P2P or other informal means.

Encouraging Bitcoin Adoption In Botswana

What if you can pay your medical bills in Botswana using Bitcoin? To encourage the adoption of Bitcoin in Botswana, Dr. Donald Ariisa of Shahdara Clinic, a private hospital in Botswana, has decided to accept payment in Bitcoin, making him the first medical practitioner to accept Bitcoin as a means of payment.

Dr. Donald Ariisa is quoted as saying, ‘Bitcoin and the blockchain technology is new and volatile; as an early adopter, I hope to convince the Botswana populace of its viability.’

An important catalyst for Bitcoin and the blockchain technology adoption in Botswana is the drive for diversification by Mokgweetsi Masisi, President of Botswana who was quoted as saying ‘…It is more imperative than ever for Botswana to expand her economy beyond exporting diamonds and metals…’ Thus opening Botswana officially to Bitcoin and blockchain adoption.

Bitcoin Startups In Botswana

The bitcoin price has increased in the last 24 hours by 11% on Amazon’s Crypto Hiring Plans and according to CryptoPredictions.com, the Bitcoin price is forecasted to increase even further to surpass the $100,000 mark by the end of this year. With the high adaptation rate of BTC across the globe, more and more Bitcoin startups are springing up in a drive to see the widespread adoption and possibly force Botswana’s Central Bank to regulate cryptocurrencies.

One such early startup is the Satoshicenter, a blockchain startup established by Alakanani Itireleng in 2014 to provide blockchain services to the Botswana populace.

An offshoot of Satoshicenter is Plaas which aims to help farmers and agric societies manage production, daily activities, and stock through blockchain adoption.

On the other hand, IndieStudio Africa launched Kogboko, a Blockchain financial services provider that aims to provide financial services to Botswana’s unbanked populace, provide funding for individuals and businesses, as well as spread awareness of cryptocurrencies and blockchain technology in Botswana.

Buying Bitcoin From Botswana’s First Bitcoin ATM

Bitcoin’s price remains unstabilized in Botswana largely due to the lack of cryptocurrency exchange platforms leading to high arbitrage. The installation of a Bitcoin ATM in Gaborone, Botswana, is a welcome development.

However, critics fault the 15% commission charged on bitcoin sales as being on the high side. This is a welcome relief compared with the long, arduous journey to neighboring South Africa or relying on families and friends outside of Botswana for Bitcoin purchases.

Hence, 15% is a relatively small price to pay compared to the cost and danger of traveling or the high handling fees charged for fiat monetary transactions.

Alternative To Buying Bitcoin In Botswana

An alternative way of sourcing for Bitcoin is patronizing crypto exchanges based in South Africa and paying online with a globally accepted credit/debit card not readily available to the Botswana populace.

However, the most popular means of transacting Bitcoin is via Peer-to-Peer mode on various WhatsApp groups and other social media platforms. However, this means of transaction is unregulated with no control of scam activities.

A Silver Lining In The Sky

Botswana populace can buy bitcoin with fiat currencies on several exchanges and P2P platforms like CEX.io, YellowCard, Binance, Coinmama, Kraken, Paxful, LocalBitcoins, OKcoin, and Changelly.

The advent of peer-to-peer and crypto exchange platforms has provided great relief to Botswana’s cryptocurrency enthusiasts and has also catalyzed the widespread adoption of Bitcoin in Botswana.

Will Botswana Ban Bitcoin?

The bank of Botswana is not interested in regulating cryptocurrencies and, it has no intention of banning cryptocurrencies in the country. The central bank governor is likely to follow the trend by providing regulations for cryptocurrencies and cryptocurrency exchanges in the future. However, it cannot declare a ban on cryptocurrencies and related activities since it does not control the internet.

Bottom Line

The Botswana populace continues to push for the widespread adoption and regulation of Bitcoin; this has yielded much dividend with the installation of Bitcoin ATM, the establishment of Satoshi center and other Bitcoin startups, and the proliferation of Bitcoin exchanges and P2P platforms.

Hopefully, Botswana will become one of Africa’s best cryptocurrency haven in the nearest future if it sustains its drive for widespread Bitcoin adoption.

Bitcoin Price Prediction – Bulls Target $40,000 and Beyond

After a bullish end to the week for Bitcoin and the broader market on Sunday, it was a particularly bullish morning for the crypto majors this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 8.97%to $38,591.0.

A mixed start to the day saw Bitcoin fall to an early morning low $35,233.0 before making a move.

Steering clear of the first major support level at $34,386, Bitcoin rallied to an early morning current day high $39,777.0.

Bitcoin broke through the day’s major resistance levels to test resistance at $40,000 before briefly easing back to sub-$38,500 levels.

In spite of the pullback, however, Bitcoin avoided a fall back through the third major resistance level at $38,031.

The Rest of the Pack

It has also been a mixed morning for the broader crypto market.

Through the morning, Chainlink was up by 14.76% to lead the way.

Cardano’s ADA (9.92%), Ethereum (+7.24%), Litecoin (+8.06%), and Ripple’s XRP (+9.06%) also found strong support.

Binance Coin (+5.52%), Bitcoin Cash SV (+4.58%), and Crypto.com Coin (+6.87%) trailed the front runners, however.

Through the morning, Polkadot bucked the trend, falling by 1.12%.

Through the early hours, the crypto total market fell to an early morning low $1,407bn before rising to a high $1,546bn. At the time of writing, the total market cap stood at $1,519bn.

Bitcoin’s dominance fell to an early low 46.93% before rising to a high 48.66%. At the time of writing, Bitcoin’s dominance stood at 47.63%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall through the third major resistance level at $38,031 to support another run at the 38.2% FIB of $41,592.

Support from the broader market would be needed, however, for Bitcoin to breakout from the early morning high $39,777.0.

Barring an extended crypto rally, the resistance at $40,000 would likely continue to cap the upside.

In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592. Bitcoin last visited $42,000 levels back on 22nd May.

A fall through the third major resistance level at $38,031 to sub-$37,000 levels would bring the second major resistance level at $36,473 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$35,000 levels.

The first major resistance level at $35,944 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs this morning.

We also saw the 100 EMA pull away from the 200 EMA adding further support to Bitcoin and the crypto bulls.

A further widening of the 50 and 100 EMAs from the 200 EMA this afternoon would bring the 38.2% FIB into play.

Key going into the afternoon will be for Bitcoin to break back through to $39,000 levels, however.

Following last week’s gains, Bitcoin would need to avoid the day’s $34,915 pivot else face a sharp pullback.

Dogecoin Rallies As Bitcoin Moves Towards $40,000

Amazon May Begin To Accept Bitcoin Payments

Dogecoin made an attempt to settle above $0.2350 but pulled back towards $0.22 while Bitcoin rallied towards the $40,000 level.

Bitcoin gained strong upside momentum after reports indicated that Amazon may accept bitcoin payments by the end of this year. Not surprisingly, speculative traders rushed to buy Bitcoin and other cryptocurrencies after these reports emerged. Ethereum made an attempt to settle above $2,400 while XRP tested $0.6750.

While Amazon news have certainly served as the main catalyst for the recent rally, it looks that short covering has also played a role in this rally. Some traders rushed to short Bitcoin and other cryptocurrencies when Bitcoin made an attempt to settle below the key support level at $30,000. Bitcoin failed to gain downside momentum and began to rebound, so such traders rushed to exits at a time when bullish reports about Amazon’s plans were released.

Technical Analysis

dogecoin july 26 2021

Dogecoin is currently trying to stay above $0.22. RSI remains in the moderate territory so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

The nearest material resistance level for Dogecoin is located at $0.2250. If Dogecoin gets back above this level, it will move towards the resistance at $0.23.

A successful test of the resistance at $0.23 will open the way to the test of the resistance level which is located at the 50 EMA at $0.2385. In case Dogecoin gets above the 50 EMA, it will head towards the resistance at $0.25.

On the support side, the nearest support level for Dogecoin is located at $0.2150. If Dogecoin manages to settle below this level, it will move towards the support at the 20 EMA at $0.2040. A successful test of the support at the 20 EMA at $0.2040 will open the way to the test of the psychologically important support level which is located at $0.20.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Bulls on a rampage, as Short-Sellers Go Into Hiding

The flagship crypto asset traded above the $39k price levels for the first time in six weeks and is currently trading its sixth consecutive day in the green.

Short sellers are currently on the sidelines, with a record $1.2 billion in shorts liquidated for the day further predict the outlook and momentum for Bitcoin is positive.

Bitcoin bulls have continued to hold their grip on the new asset class. Sunday’s current price rise representing the biggest single daily gain since June 16.

On the FTX exchange, the most popular crypto was changing hands for around $38,300, posting daily gains of more 10% but has cooled slightly after hitting a monthly high of around $39,850.

Such massive gains triggered many technical indicators return into bullish sentiments as the flagship crypto reclaimed the 50-day moving average.

Top altcoins posted decent gains with Cardano posting daily gains of more than 11% while Polkadot, XRP, Binance Coin, Dogecoin, Aave, Monero each having increased by more than 7% for the day.

Market sentiments stay high on rumors that Amazon, the world’s biggest e-commerce company is looking to accept the pioneer crypto asset for payments by year’s end and is considering minting its own token next year, further gave Bitcoin Bulls to stay within the striking distance of $40,000.

Giving credence to Amazon’s entry into the crypto-verse dates back to a post on a jobs board looking for a digital lead focused on crypto assets with Twitter’s Jack Dorsey earlier disclosing the micro-blogging platform is planning in future to integrate the world’s most popular crypto asset into their product and service offerings, put Bitcoin bulls within striking distance to hit the $40,000 price band.

At the time of drafting this report, the global crypto market value stood at $1.53 trillion, posting a surge of 9.19% over the last day.

Bitcoin’s Adoption Is Growing. Now It’s Amazon’s Time To Accept It

The cryptocurrency market has been gaining adoption from corporate entities in recent years, and it now seems it is time for Amazon to join the list.

Amazon To Start Accepting Bitcoin Soon

Online retail giant Amazon is reportedly ready to start accepting Bitcoin payments before the end of the year. This is according to a report by London’s City A.M outlet, citing an insider. According to the report, Amazon will start accepting Bitcoin as a means of payment soon.

The retail giant recently posted saying that it wants to hire a cryptocurrency and blockchain lead. Amazon is looking to explore areas such as blockchain technology, cryptocurrency, central bank digital currencies (CBDCs) and distributed ledger.

The source told City A.M that the job post is a sign of bigger things from Amazon. She stated that the company is getting ready to set up cryptocurrency payment solutions at some point in the future. It is something the company is committed to achieving, she added.

The insider revealed that it starts with Bitcoin as it is the key first stage of the cryptocurrency project. The directive is apparently coming from Jeff Bezos himself. After establishing a strong Bitcoin payment option, Amazon will look to integrate other cryptocurrencies. “Ethereum (ETH), Cardano (ADA) and Bitcoin Cash (BCH) will be next in line before they bring about eight of the most popular cryptocurrencies online,” the insider added. Amazon has been working on the functionality since 2019, and it could soon come to fruition, she added.

Amazon To Develop Its Native Token

The second stage of the project is for Amazon to develop its own native token. The source stated that the company is planning to start developing its native token next year after establishing its cryptocurrency payment gateway.

She added that after a year of experiencing cryptocurrency payments, it is looking increasingly possible that the company is heading towards tokenization. The token will allow people to buy goods on Amazon and pay for other services. It will also come with a loyalty scheme to boost adoption.

BTC/USD chart. Source: FXEMPIRE

Bitcoin has been performing excellently over the past few days. BTC is currently up by 12% over the past 24 hours and is now trading above the $38k mark for the first time in weeks. The rally has extended to other cryptocurrencies, with Ether also closing in on the $2,500 resistance point.

Bitcoin and Ethereum – Weekly Technical Analysis – July 26th, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 11.30% in the week ending 25th July. Partially reversing a 7.09% loss from the previous week, Bitcoin ended the week at $35,415.0.

In a bearish start to the week, Bitcoin slid to a Tuesday intraweek low $29,313.0 before making a move.

The reversal saw Bitcoin fall through the first major resistance level at $30,358 before rallying to a Sunday intraweek high $35,444.0.

Bitcoin broke through the first major resistance level at $33,969 to the week at $35,000 levels.

5 days in the green that included a 7.87% jump on Wednesday and a 4.12% gain on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $37,468 to bring $40,000 levels into play.

Support from the broader market would be needed for Bitcoin to break back through the second major resistance level at $39,522.

Barring an extended crypto rally, resistance at the 38.2% FIB of $41,592 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $45,000 before any pullback. The third major resistance level sits at $45,653.

A fall back through the first major resistance level and through the $33,391 pivot would bring the first major support level at $31,337 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$30,000 levels and the second major support level at $27,260.

At the time of writing, Bitcoin was up by 8.12% to $38,292.4. A bullish start to the week saw Bitcoin rise from an early Monday low $35,233.0 to a high $39,777.0.

Bitcoin broke through the first major resistance level at $37,468 to test the second major resistance level at $39,522 at the start of the week.

BTCUSD 260721 Daily Chart

Ethereum

Ethereum rallied by 15.94% in the week ending 25th July. Reversing an 11.67% slide from the previous week, Ethereum ended the week at $2,193.03.

A bearish start to the week saw Ethereum slide to a Tuesday intraweek low $1,720.16 before making a move.

Ethereum fell through the first major support level at $1,771 before rallying to a Saturday intraweek high $2,200.00.

The extended rally saw Ethereum break through the first major resistance level at $2,090 to end the week at $2,190 levels.

5-days in the green that included an 11.74% surge on Wednesday and a 4.99% rally on Friday delivered the upside for the week.

For the week ahead

Ethereum would need to avoid the $2,038 pivot to bring the first major resistance level at $2,355 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,350 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $2,400 would likely cap any upside.

In the event of an extended breakout, Ethereum could test the second major resistance level at $2,518.

A fall through the pivot at $2,038 would bring the first major support level at $1,875 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of the 62% FIB of $1,725. The second major support sits at $1,558.

At the time of writing, Ethereum was up by 5.11% to $2,305.0. A mixed start to the week saw Ethereum fall to an early Monday low $2,172.99 before rallying to a high $2,341.37.

Ethereum left the major support and resistance levels untested at the start of the week.

ETHUSD 260721 Daily Chart

The Crypto Daily – Movers and Shakers – July 26th, 2021

Bitcoin, BTC to USD, rose by 3.29% on Sunday. Following a 1.87% gain on Saturday, Bitcoin ended the week up by 11.30% to $35,415.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $33,886.0 before making a move.

Steering clear of the first major support level at $33,625, Bitcoin rallied to a final hour intraday high $35,444.0.

Bitcoin broke through the first major resistance level at $34,730 and the second major resistance level at $35,181 to end the day at $35,400 levels.

The near-term bullish trend remained intact, in spite of the latest return to $29,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Sunday.

Polkadot slid by 3.32%, with Cardano’s ADA (-0.32%) and Ripple’s XRP (-0.48%) also seeing red to buck the trend.

It was a bullish day for the rest of the majors, however.

Chainlink and Litecoin rose by 1.26% and by 1.32% respectively to lead the way.

Binance Coin (+0.37%), Bitcoin Cash SV (+0.77%), Crypto.com Coin (+0.53%), and Ethereum (+0.29%) saw modest gains, however.

In the week, the crypto total market fell to a Tuesday low $1,154bn before rising to a Sunday high $1,430bn. At the time of writing, the total market cap stood at $1,426bn.

Bitcoin’s dominance rose to a Tuesday high 47.63% before falling to a Thursday low 45.91%. At the time of writing, Bitcoin’s dominance stood at 47.03%.

This Morning

At the time of writing, Bitcoin was up by 0.93% to $35,745.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,233.0 before rising to a high $35,886.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Polkadot was down by 0.04% early on to buck the trend.

It was a bullish start for the rest of the majors.

At the time of writing, Bitcoin Cash SV was up by 3.82% to lead the way.

BTCUSD 260721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $34,915 pivot to bring the first major resistance level at $35,944 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $35,886.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $36,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $37,500 before any pullback. The second major resistance level sits at $36,473.

A fall through the $34,915 pivot would bring the first major support level at $34,386 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$33,000 levels. The second major support level at $33,357 should limit the downside.

The Crypto Daily – Movers and Shakers – July 25th, 2021

Bitcoin, BTC to USD, rose by 1.87% on Saturday. Following a 4.11% rally on Friday, Bitcoin ended the day at $34,279.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $33,422.0 before making a move.

Steering clear of the first major support level at $32,572, Bitcoin rallied to a late afternoon intraday high $34,527.0.

Bitcoin broke through the first major resistance level at $34,177 before a pullback to $33,700 levels.

Late in the day, however, Bitcoin broke back through the first major resistance level to end the day at $ $34,200 levels.

The near-term bullish trend remained intact, in spite of the latest return to $29,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Saturday.

Ethereum rose by 2.83% to lead the way, with Cardano’s ADA (+2.11%) and Crypto.com Coin (+2.54%) close behind.

Binance Coin (+0.78%), Chainlink (+1.26%), Litecoin (+1.46%), Polkadot (+0.83%), and  Ripple’s XRP (+0.01%) trailed the front runners, however, with modest gains.

Bitcoin Cash SV ended the day flat.

In the current week, the crypto total market fell to a Tuesday low $1,154bn before rising to a Saturday high $1,410bn. At the time of writing, the total market cap stood at $1,371bn.

Bitcoin’s dominance rose to a Tuesday high 47.63% before falling to a Thursday low 45.91%. At the time of writing, Bitcoin’s dominance stood at 46.48%.

This Morning

At the time of writing, Bitcoin was down by 0.91% to $33,966.0. A mixed start to the day saw Bitcoin rise to an early morning high $34,486.0 before falling to a low $33,951.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the trend early on, rising by 0.18%.

It was a bearish day for the rest of the majors, however.

At the time of writing, Chainlink was down by 2.43% to lead the way down.

BTCUSD 250721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $34,076 pivot to bring the first major resistance level at $34,730 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $34,527.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $35,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $35,181.

Failure to move back through the $34,076 pivot would bring the first major support level at $33,625 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$32,000 levels. The second major support level at $32,971 should limit the downside.

The Crypto Daily – Movers and Shakers – July 24th, 2021

Bitcoin, BTC to USD, rallied by 4.11% on Friday. Following a 0.52% gain on Thursday, Bitcoin ended the day at $33,650.0.

After a mixed start to the day, Bitcoin fell to a late afternoon intraday low $32,020.0 before making a move.

Steering clear of the first major support level at $30,168, Bitcoin rallied to a late intraday high $33,625.3.

Bitcoin broke through the first major resistance level at $32,698 and the second major resistance level at $33,097 to end the day at $33,650 levels.

The near-term bullish trend remained intact, in spite of the latest return to $29,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Crypto.com Coin and Polkadot fell by 1.34% and by 2.22% respectively to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Ethereum rallied by 4.99% to lead the way.

Chainlink (+2.91%), Litecoin (+2.93%), and Ripple’s XRP (+2.62%) also made solid gains.

Binance Coin (+2.06%), Bitcoin Cash SV (+1.96%), and Cardano’s ADA (+1.89%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $1,154bn before rising to a Friday high $1,375bn. At the time of writing, the total market cap stood at $1,358bn.

Bitcoin’s dominance rose to a Tuesday high 47.62% before falling to a Thursday low 45.91%. At the time of writing, Bitcoin’s dominance stood at 46.34%.

This Morning

At the time of writing, Bitcoin was down by 0.35% to $33,532.0. A mixed start to the day saw Bitcoin rise to an early morning high $33,783.0 before falling to a low $33,456.9.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 3.27% to lead the way, with Chainlink (+0.28%) and Litecoin (+0.20%) also in the green.

It was a bearish start for the rest of the majors, however.

At the time of writing, Binance Coin was down by 0.73% to lead the way.

BTCUSD 240721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $33,098 pivot to bring the first major resistance level at $34,177 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $33,783.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $34,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $34,704.

A fall through the $33,098 pivot would bring the first major support level at $32,572 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$31,000 levels. The second major support level at $31,493 should limit the downside.

Amazon Eyes Blockchain and Cryptocurrencies, Hunts Talent

Amazon.com has managed to stay on the sidelines of the cryptocurrency craze so far. The e-commerce giant may have been watching and waiting as the industry has matured rather than taking a trial and error approach with a nascent asset class.

Now it appears that the cryptocurrency industry, with a combined market cap of USD 1.3 trillion, may have come far enough along that Amazon can no longer ignore it. Amazon has placed a job ad for a digital currency and blockchain product lead. The company is looking to build out its “digital currency and blockchain strategy and product roadmap,” according to the ad.

180-Degree Turn

The new hire will be part of “The Amazon Payment Acceptance & Experience Team.” This suggests that the company is just as interested in building out infrastructure for payments as it is for the blockchain. If Amazon decides to accept cryptocurrencies such as bitcoin for payments, it would be a 180-degree turn from its current policy.

An Amazon spokesperson told FX Empire,

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

On social media, the response was mostly that of users speculating that if Amazon decides to support bitcoin or other cryptocurrencies for payments, it would be bullish for the market. There are millions of sellers on Amazon’s marketplace, and adding crypto payments could bring the industry another step closer to widescale adoption. Separately, PayPal already supports bitcoin and other major cryptocurrencies for online payments.

The AWS Effect

The new strategy could have something to do with a fresh leadership style. In early July, Amazon experienced a change at the helm when Jeff Bezos stepped aside and Andy Jassy was named CEO.  Jassy helped to make Amazon Web Services (AWS) into what it is today. It is on AWS that Amazon Managed Blockchain, which uses Hyperledger Fabric and Ethereum, already resides.

Amazon has a market cap of USD 1.8 trillion and its stock is trading within a stone’s throw of its all-time high.

Jack Dorsey Tips Hand to Bitcoin’s Place at Twitter

Jack Dorsey is a known bitcoin bull. His payments company Square has an entire division dedicated to building on the Bitcoin blockchain and funding projects, Square Crypto. And he recently launched an initiative to make bitcoin more DeFi friendly. When it comes to his other company, Twitter, Dorsey has given the cryptocurrency a bitcoin emoji, which has left users wondering if there is more to come.

On Twitter’s earnings call on Thursday, Dorsey tipped his hand to how bitcoin fits into the future of the social media platform. He did so shortly after fellow billionaire Elon Musk pressed him at “The B Word” event on whether Twitter would accept bitcoin as a payment method from advertisers, which Dorsey danced around a bit. Musk may have been trying to take the focus off Tesla and when it would resume accepting bitcoin payments.

On the earnings call, Dorsey explained how Twitter is building out an ecosystem focused on news, conversation and payments. Next, the tech entrepreneur identified a trio of themes that are relevant to the company and its shareholders:

  • Artificial intelligence
  • Decentralization
  • “The internet, finally, having access to a global native currency in bitcoin.”

Internet Money

Dorsey is looking toward a future in which the internet has a native/global currency through which Twitter could accelerate the development of offerings including “Super Follows, e-commerce, subscriptions [and] Tip Jar.”

While Facebook has attempted to follow a similar path with its Diem stablecoin project, bitcoin is the best choice, according to Dorsey, and is where Twitter will be focusing its efforts. The Twitter chief touted bitcoin for lending itself to speed, innovation and use cases.

Bitcoin Price

While most investors are focused on what bitcoin has done lately, that can leave them depressed. The BTC price has surrendered much of its gains year-to-date. A wider lens, however, provides greater insight into the cryptocurrency’s performance compared to other asset classes.

As per data provided by Kraken’s Dan Held, bitcoin has outperformed rival store of value asset gold as well as the broader stock market over the past decade hand over fist.

For now, the bitcoin price is holding above USD 32K, and investors are crossing their fingers about moving it forward over the weekend.

Bitcoin Price Prediction – A Move Back to $32,500 Would Bring $33,000 into Play

After another bullish day for Bitcoin and the broader market on Thursday, it was a mixed morning for the crypto majors this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 0.32%to $32,422.0. A mixed start to the day saw Bitcoin fall to an early morning low $32,228.0 before making a move.

Steering clear of the first major support level at $31,833, Bitcoin rallied to a mid-morning current day high $32,948.0.

Bitcoin broke through the first major resistance level at $32,708 before falling back to sub-$32,500 levels.

BTCUSD 230721 Hourly Chart

The Rest of the Pack

It has also been a mixed morning for the broader crypto market.

Through the morning, Bitcoin Cash SV was up by 1.96% to lead the way.

Ethereum (+1.72%) and Ripple’s XRP (+0.13%) also bucked the trend early on.

It was a bearish start for the rest of the majors, however.

Polkadot was down by 2.77% to lead the way down, with Binance Coin (-1.16%), Cardano’s ADA (-1.11%), and Chainlink (-1.73%) also struggling.

Crypto.com Coin (-0.90%) and Litecoin (-0.80%) saw relatively modest losses, however.

Through the early hours, the crypto total market fell to an early morning low $1,308bn before rising to a high $1,342bn. At the time of writing, the total market cap stood at $1,317bn.

Bitcoin’s dominance rose to an early high 46.33% before falling to a low 46.00%. At the time of writing, Bitcoin’s dominance stood at 46.16%.

For the Afternoon Ahead

Bitcoin would need to avoid the $32,222 pivot to bring the first major resistance level at $32,708 into play.

Support from the broader market would be needed, however, for Bitcoin to move back through to $32,500 levels.

Barring an extended crypto rally, the first major resistance level and current day high $32,948.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $33,500. The second major resistance level sits at $33,097.

A fall through the $32,222 pivot would bring the first major support level at $31,833 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$31,000 support levels.

The second major support level at $31,347 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs this morning.

We also saw the 100 EMA narrow on the 200 EMA adding further support to Bitcoin and the crypto bulls.

A further widening of the 50 EMA from the 200 EMA and narrowing of the 100 EMA on the 200 EMA this afternoon would bring $33,000 levels into play. A bullish cross of the 100 through the 200 would support a breakout.

Key going into the afternoon will be for Bitcoin to break back through the first major resistance level at $32,708.

Following Thursday’s gains, Bitcoin would need to avoid the day’s $32,222 pivot else face a sharp pullback.

JPMorgan Joins The Club. Wealthy Clients Can Now Gain Access To Cryptos

JPMorgan Chase has become the latest US investment bank to allow its wealthy clients to gain exposure to cryptocurrencies via investment funds.

JPMorgan’s Wealthy Clients Can Now Buy And Sell Crypto Funds

JPMorgan Chase, one of the leading banks in the United States, has reportedly allowed its wealthy clients to gain access to Bitcoin and a host of other cryptocurrencies. This is according to sources familiar with the matter who told Business Insider.

According to the report, the bank has given its nod of approval to its financial advisors, allowing them to grant wealthy clients access to cryptocurrencies via crypto funds. The report added that JPMorgan is eager to grow its wealth management business and has approved the access to cryptocurrency funds.

Per the report, wealthy clients can gain access to cryptocurrencies via funds such as Osprey Funds’ Bitcoin Trust, Grayscale’s Bitcoin Trust GBTC, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic vehicles. The sources stated that the financial advisors had been advised to start taking buy and sell orders from their wealthy clients starting July 19.

Investment Banks Are Opening Up To Cryptocurrencies

The cryptocurrency market has gained massive institutional investors over the past year. The interest from wealthy clients and institutional investors convinced some of the major banks such as JPMorgan, Morgan Stanley, Goldman Sachs and Citigroup to look at cryptocurrencies in a positive light.

The investment bank announced in April this year that it is working on allowing its wealthy clients to access cryptocurrencies. Spokespersons for both Grayscale and Osprey Funds told Business Insider that their funds are available to JPMorgan’s clients.

BTC/USD chart. Source: FXEMPIRE

By making this move, JPMorgan joins the likes of Morgan Stanley and Goldman Sachs in offering access to cryptocurrencies. Morgan Stanley partnered with Galaxy Digital in April to offer wealthy clients access to bitcoin funds. The wealthy clients are those with at least $2 million in invested assets.

Bitcoin’s price is up by over 1% over the past 24 hours as it slowly climbs towards the $32k region. The rally comes after Bitcoin fell below the $30k mark last week.

Bitcoin Attempts To Settle Back Above 20 EMA

Bitcoin Continues To Rebound Ahead Of The Weekend

Bitcoin continues its attempts to settle above the 20 EMA at $32,600 while other cryptocurrencies are also moving higher.

Ethereum is also trying to settle above its 20 EMA at $2,050. Dogecoin has recently made an attempt to get to the test of its 20 EMA at $0.2030. XRP is moving towards its 20 EMA at $0.6120.

Crypto markets are trying to recover after the recent sell-off, and leading cryptocurrencies are testing important resistance levels which indicates that bulls will try to push markets higher ahead of the weekend.

This is an important moment for Bitcoin which has recently tested the psychologically important support level at $30,000 but managed to get strong support near this level.

Cryptocurrencies are very dependent on momentum, so failure to settle above the resistance levels at 20 EMAs will be a worrisome sign for the bulls.

Technical Analysis

bitcoin july 23 2021

Bitcoin has recently managed to get above the resistance at $32,000 and is testing the 20 EMA at $32,600. As I noted above, this is a very important moment for Bitcoin bulls, and traders will soon learn whether Bitcoin has enough support to get above the 20 EMA.

RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. In case Bitcoin manages to settle above the 20 EMA, it will move towards the resistance at $34,000.

A successful test of the resistance at $34,000 will open the way to the test of the next resistance level at $35,000. A move above $35,000 will push Bitcoin towards the resistance at $36,000.

The test of the resistance at $36,000 would be another important moment for Bitcoin bulls as the previous attempt to gain solid upside momentum was stopped at this level.

On the support side, a move below $32,000 will push Bitcoin towards the key support level at $30,000. If Bitcoin settles below this level, it will get to the test of the next support at $28,800.

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